External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Imdex Ltd operates as a mining equipment, technology, and services company. The Company provides drilling fluids and down hole instrumentation to mining, oil and gas, water well, and civil engineering industries worldwide.

<ul><li>IMD has entered into binding agreements to acquire 100% of Advanced Logic Technology S.A. (ALT) and its subsidiary Mount Sopris Instruments Inc. (MSI), global leaders in borehole geophysical imaging solutions, imaging probes and accompanying visualisation and data processing software.</li><li>These acquisitions are expected to expand IMD’s TAM in the mining, infrastructure, environmental and energy sectors.</li><li>The ALT and MSI acquisitions will complement IMD’s existing rock property sensor offering and digital earth knowledge capabilities; under the EarthNet platform IMD seeks to create a unified, open platform for earth systems data analytics, supporting smarter and faster decision making for clients.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IMD has entered into binding agreements to acquire 100% of Advanced Logic Technology S.A. (ALT) and its subsidiary Mount Sopris Instruments Inc. (MSI), global leaders in borehole geophysical imaging solutions, imaging probes and accompanying visualisation and data processing software.These acquisitions are expected to expand IMD’s TAM in the mining, infrastructure, environmental and energy sectors.The ALT and MSI acquisitions will complement IMD’s existing rock property sensor offering and digital earth knowledge capabilities; under the EarthNet platform IMD seeks to create a unified, open platform for earth systems data analytics, supporting smarter and faster decision making for clients.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Steadfast Group Ltd is a provider of services to broker businesses across Australia, New Zealand and Singapore. The Company has equity interests in insurance broker businesses, underwriting agencies and other complementary businesses.

<ul>
<li>First, EQT, then CVC joined, in a A$45/share NBIO for <a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB (AUB AU)</a>, an insurance "matchmaker": <a href="https://skr.ma/J2CwJ" target="_blank" rel="noopener">CVC Joins EQT In Pursuit Of AUB Group (AUB AU)</a>. Talks <a href="https://announcements.asx.com.au/asxpdf/20251201/pdf/06sr2bsh6yv802.pdf" target="_blank" rel="noopener">ceased</a> this week. </li>
<li>Reportedly, AUB’s larger insurance rival, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, is now attracting PE interest, such as Blackstone.</li>
<li>Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly - now concluded on "a confidential basis", with Kelly resuming his roles. </li>
</ul>


First, EQT, then CVC joined, in a A$45/share NBIO for AUB (AUB AU), an insurance "matchmaker": CVC Joins EQT In Pursuit Of AUB Group (AUB AU). Talks ceased this week. 
Reportedly, AUB’s larger insurance rival, Steadfast (SDF AU), is now attracting PE interest, such as Blackstone.
Steadfast is down ~25% from its recent high following a workplace complaint towards CEO/MD/founder Robert Kelly - now concluded on "a confidential basis", with Kelly resuming his roles. 


Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Collins Foods Ltd. operates fast-food restaurants.  The Company operates chains of steak and chicken restaurants in Australia.

<ul><li>Collins Foods produced record interim results in a difficult environment, prompting management to issue a 'conservative' upgrade to FY26 guidance.</li><li> Collins Foods delivers record interim revenue Margin &lsquo;beats&rsquo; in Australia & Europe Market disappointed by management's rather conservative FY26 profit upgrade UBS highlights outperformance of KFC Australia relative to peers</li></ul>

Collins Foods produced record interim results in a difficult environment, prompting management to issue a 'conservative' upgrade to FY26 guidance. Collins Foods delivers record interim revenue Margin &lsquo;beats&rsquo; in Australia & Europe Market disappointed by management's rather conservative FY26 profit upgrade UBS highlights outperformance of KFC Australia relative to peers

Collins Foods Disappoints With Cautious Upgrade

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Aspen Group is a property company specializing in the investment, ownership and management of high yielding commercial properties including tourism and caravan parks.  The Group also provides fund management services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aspen-group" target="_blank" data-smartkarma-citation="entities:20680:1" rel="noopener">Aspen Group (APZ AU)</a> will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.</li>
<li>Estimated passive buying in <a href="https://www.smartkarma.com/entities/aspen-group" target="_blank" data-smartkarma-citation="entities:20680:1" rel="noopener">Aspen Group (APZ AU)</a> is U$21m and positioning in the stock could continue to build in the next few days.</li>
<li>Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.</li>
</ul>



Aspen Group (APZ AU) will be added to a global sector index at the close 19 December. The stock is also a potential inclusion to a global index in March.
Estimated passive buying in Aspen Group (APZ AU) is U$21m and positioning in the stock could continue to build in the next few days.
Positioning in the stock has been increasing over the last few months with a jump that started at the beginning of November.


Aspen Group (APZ AU): Global Sector Index Inclusion

Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

Connect to the right investors through smart and insightful financial models and research analysis.

Cleanspace Holdings Ltd / Equity Bottom-Up

Cleanspace Holdings Limited designs and manufactures medical equipment. The Company offers respiratory protective masks and air purifying respirators that provide respiratory protection. Cleanspace serves customers worldwide.

<ul><li>CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).</li><li>CSX has provided a trading update at their AGM which guides to lower H1 FY26 revenue growth relative to previous halves and RaaS estimates (+27%), impacted by trade and tariff tensions not dis-similar to trends seen for several advanced Australian manufacturers including Veem (ASX:VEE) and Austin Engineering (ASX:ANG), and the dismantling of key US safety regulator NIOSH.</li><li>Gross margins remain in-line with estimates around the ‘mid-70s’ and costs are well controlled.</li></ul>

CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).CSX has provided a trading update at their AGM which guides to lower H1 FY26 revenue growth relative to previous halves and RaaS estimates (+27%), impacted by trade and tariff tensions not dis-similar to trends seen for several advanced Australian manufacturers including Veem (ASX:VEE) and Austin Engineering (ASX:ANG), and the dismantling of key US safety regulator NIOSH.Gross margins remain in-line with estimates around the ‘mid-70s’ and costs are well controlled.

Cleanspace Holdings Ltd - Several headwinds slow growth in H1

Australia
Insights on Australia

Imdex (IMD): Reading the Strata

IMD has entered into binding agreements to acquire 100% of Advanced Logic Technology S.A. (ALT) and its subsidiary Mount Sopris Instruments Inc. (MSI)

Bell Potter

Collins Foods Disappoints With Cautious Upgrade

Collins Foods produced record interim results in a difficult environment, prompting management to issue a 'conservative' upgrade to FY26...

FNArena

Aspen Group (APZ AU): Global Sector Index Inclusion

Aspen Group will be added to a global sector index this month. Then there could be a global index inclusion in March. Positioning has increased but...

Brian Freitas

Cleanspace Holdings Ltd - Several headwinds slow growth in H1

CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying...

Research as a Service (RaaS)

Imdex (IMD): Reading the Strata

IMD has entered into binding agreements to acquire 100% of Advanced Logic Technology S.A. (ALT) and its subsidiary Mount Sopris Instruments Inc. (MSI)

Bell Potter

Steadfast (SDF AU): Suitors Circle As Share Price Languishes After Internal Complaint

There is, as yet, no Offer. Steadfast's share price has failed to recover from the internal complaint. EQTCVC walking from AUB does no favours....

David Blennerhassett

Collins Foods Disappoints With Cautious Upgrade

Collins Foods produced record interim results in a difficult environment, prompting management to issue a 'conservative' upgrade to FY26...

FNArena

Aspen Group (APZ AU): Global Sector Index Inclusion

Aspen Group will be added to a global sector index this month. Then there could be a global index inclusion in March. Positioning has increased but...

Brian Freitas

Cleanspace Holdings Ltd - Several headwinds slow growth in H1

CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying...

Research as a Service (RaaS)